Are There More Benefits to Renting or Selling?

There are plenty of advantages and disadvantages to selling a home in Northern Idaho. The same could be said for renting a home too.

The average days on market in Northern Idaho depends on price. If you price competitively and it’s in the $200,000 or lower range, you should expect to sell within two weeks. If you’re in more of a high end price range, you should be sold within a month if you’re priced competitively.

Appreciation has been at about a 3-4% average over the last few years. There are some subdivisions that have seen up to 7%, however.

If you choose to sell now, you will benefit from the cash flow to go out and make another investment or use that money towards another rental property or home purchase. Another benefit of selling now is that we have seen appreciation in the California markets flatten out, which tells us we’ll likely see a similar trend in a few years.

If you choose to rent your home instead, you will have that renter’s income to cover your mortgage so you can still build that equity without putting too much of your own money into it. Also, if you’re moving out of the area and plan to come back at some point, you know that you’ll still have that home no matter what else happens.

If you have any questions for us, feel free to give us a call or send us an email. We would love to speak with you!